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Everything you need to know about CBN’s new ATM Transaction Fees

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Everything you need to know about CBN’s new ATM Transaction Fees

The Central Bank of Nigeria (CBN) has changed ATM withdrawal fees. This is to help banks manage costs and put more ATMs in place. The new charges will start on March 1, 2025. All banks must follow the CBN’s instructions in the circular sent out on February 10, 2025.

If you withdraw money from your own bank’s ATM, you will not pay any charges. The fee applies only when you use another bank’s ATM.

Here is how the new charges work:

  • Withdrawals from your bank’s ATM (On-Us Transactions): Free.
  • Withdrawals from another bank’s ATM (Not-On-Us Transactions):
    • On-site ATMs (ATMs inside or near a bank branch): ₦100 per ₦20,000 withdrawal.
    • Off-site ATMs (ATMs in malls, petrol stations, and public places): ₦100 per ₦20,000 withdrawal plus an extra fee of up to ₦500.

Before you approve the transaction, the ATM will show you any extra charges.

For international ATM withdrawals, the bank will not add extra charges. You will only pay the exact fee set by the foreign ATM provider.

Difference Between On-Site and Off-Site ATMs

  • On-Site ATMs are inside or next to bank branches.
  • Off-Site ATMs are in places like shopping malls, bus stations, and fuel stations.

What If You Withdraw Less Than ₦20,000?

If you withdraw less than ₦20,000 from another bank’s ATM, you will still pay ₦100. The reason is to stop people from withdrawing money in small amounts just to avoid the fee.

If you withdraw more than ₦20,000, you will pay an extra ₦100 for every ₦20,000 you withdraw. For example:

  • ₦5,000 withdrawal = ₦100 charge
  • ₦25,000 withdrawal = ₦200 charge
  • ₦50,000 withdrawal = ₦300 charge

No More Free Withdrawals at Other Banks’ ATMs

Before now, customers could withdraw three times for free every month from other banks’ ATMs. This will no longer be allowed.

Can Banks Charge More Than the Stated Fees?

No. Banks are not allowed to charge more than what the CBN has approved. However, a bank can choose to charge less than the stated fees if it wants to.

How to Avoid ATM Charges

To avoid paying fees:

  • Use your own bank’s ATM.
  • Reduce how often you use ATMs in places like malls and fuel stations.
  • Consider using mobile banking apps, POS machines, or bank transfers for payments instead of withdrawing cash.

International ATM Withdrawal Charges

If you withdraw money outside Nigeria, you will pay whatever the foreign ATM provider charges. Your Nigerian bank will not add extra fees.

What If a Bank Does Not Allow Withdrawals of ₦20,000 at a Time?

The CBN expects banks to allow withdrawals of up to ₦20,000 per transaction. If a bank forces you to withdraw less than this amount when you have enough money, the bank is breaking the rule.

How to Report a Bank That Does Not Follow the Rules

If a bank does not allow you to withdraw ₦20,000 at a time or charges more than the approved fees, you can report them to the CBN. Send your complaint to gpd@cbn.gov.ng.

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Call for Applications: Nigeria Malaria Modelling Fellowship 2025 (Full Sponsorship)

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Call for Applications: Nigeria Malaria Modelling Fellowship 2025 (Full Sponsorship)

The Nigeria Malaria Modelling Fellowship 2025 is now open for applications. This programme is looking for female candidates who want to improve their skills in malaria research and control. It is designed for professionals working in public health, epidemiology, biostatistics, and related fields.

To apply, you must have a master’s degree or higher in public health, epidemiology, biostatistics, bioinformatics, or applied mathematics. If you don’t have a master’s degree, you can still qualify if you have specialised training in malaria and other infectious diseases. This includes those who have completed field epidemiology training.

Applicants should be skilled in using Microsoft Excel, be able to communicate well in English, and have good problem-solving skills. The programme is only open to female candidates.

To be eligible, you must be currently working with a public institution in Nigeria that focuses on human health, animal health, or the environment. You also need at least three years of professional experience. If selected, your institution must officially allow you to attend in-person training sessions in Abuja.

The programme also welcomes applications from post-doctoral researchers, junior lecturers in epidemiology and biostatistics, public health resident doctors, data managers, and monitoring and evaluation staff working in government ministries and agencies.

Women with children under 18 months will get extra support, such as help with transportation and accommodation for their children and caregivers during training. There will also be daycare services and flexible learning hours.

The deadline to apply is February 16, 2025. All eligible candidates must take an aptitude test on February 22, 2025, before final selection.

For more details and to apply, visit the link.

1,000 African Entrepreneurs to Get $5000 in New TEF Partnership

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1,000 African Entrepreneurs to Get $5000 in New TEF Partnership

The Tony Elumelu Foundation has partnered with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation to support 1,000 young African entrepreneurs with $6 million.

This partnership was announced at the World Government Summit. It will provide business training, mentorship, networking opportunities, and $5,000 in free start-up money to help African entrepreneurs succeed.

The agreement was signed by Tony Elumelu and H.E. Mohamed Haji Al Khoori. This partnership will create a positive impact, improve lives, and help Africa grow.

Congratulations to the Tony Elumelu Foundation and the 1,000 entrepreneurs who will benefit from this great opportunity.

The Heirs Insurance Group also shared their support, saying, “Here’s to championing innovation, enterprise, and prosperity.”

Akwa Ibom Announces 2024/25 2nd Round of Bursary Payment, Education Grants

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Akwa Ibom Announces 2024/25 2nd Round of Bursary Payment, Education Grants

The Akwa Ibom State Government has started a new bursary for students for the 2024/2025 school year. This is part of Governor Umo Eno’s plan to support students in higher institutions.

The government has also launched a new website to make it easy for students to apply. This website will help every student from Akwa Ibom who is studying in a public university, polytechnic, or college in Nigeria. The website is also open for students with disabilities, whether they are in public or private schools.

Dr. Frank Ekpenyong, the Senior Special Assistant to the Governor on ICT, announced this during a press meeting in Uyo. He said the bursary is meant to help students financially. The money for the bursary has been increased. Regular students will now get N20,000 instead of N10,000, while students studying professional courses will get N30,000. Students with disabilities will continue to receive N250,000 for undergraduate studies and N300,000 for postgraduate studies.

To apply, students must have a National Identification Number (NIN) that matches their school ID. They must also show a recent school fee payment receipt.

There are two types of bursaries available. The first one is for all Akwa Ibom students in public higher institutions. If you are from Akwa Ibom and you attend a non-private school, you can apply for this bursary.

The second one is for students with disabilities. If you are a student with a disability, you can apply for special financial support through this scheme.

In the past, some people created multiple accounts to cheat the system. This time, the government is making sure that every student has only one account. Your NIN must match your student records before you can apply.

To apply, visit the website and Apply Here. If you need help, you can call the ARISE support line at 02012291111.

All students with disabilities, no matter their school, can apply for this grant. Make sure to provide all the required documents so that your application will go smoothly.

Osun State to Begin Statewide SSCE Scholarship for Best Students in 2025

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Osun State to Begin Statewide SSCE Scholarship for Best Students in 2025

Governor Ademola Adeleke of Osun State has introduced a new scholarship programme called the “Imole Statewide Public and Private Schools Students SSCE Scholarship.” This programme is to help students who perform well in their Senior Secondary Certificate Examination (SSCE).

The scholarship, which is supported by Electronic Collections Group (ECG), will cover students from both public and private schools in all 30 local government areas and the area office of Osun State.

According to the Honourable Commissioner for Education, Hon. Dipo Eluwole, the overall best student in the state will receive a scholarship of ₦1,000,000 (One Million Naira). Also, the best student in public and private schools in each local government will get ₦100,000 (One Hundred Thousand Naira) as a scholarship award.

Apart from students, the best-performing public and private schools will receive ₦500,000 (Five Hundred Thousand Naira) to improve their learning environment. Teachers who have helped these students succeed will also receive special gifts to appreciate their efforts.

Hon. Eluwole said that this scholarship is part of the government’s plan to make education better and encourage students to work hard. He advised teachers and school administrators to prepare their students well for the 2025 WAEC SSCE so they can win the scholarship.

The winners of the scholarship will be announced after the SSCE results are released.

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